“We support the administration’s efforts to deliver a meaningful trade agreement that levels the playing field for American businesses and workers,” NRF president and CEO Matthew Shay. “But the latest tariff escalation is far too great a gamble for the U.S. economy. Slapping tariffs on everything U.S. companies import from China – goods that support U.S. manufacturing and provide consumers with affordable products – will jeopardize American jobs and increase costs for consumers.
“Taxing Americans on everyday products like clothes and shoes is not the answer for holding China accountable. Working with our allies who share the same concerns and immediately rejoining TPP are more effective ways to put pressure on China without hurting hardworking Americans. We urge the U.S. and China to get these critical negotiations back on track. Both sides will lose in a full-blown trade war, and the global economy will suffer.”
The Trump administration on Friday announced that it would be imposing additional tariffs of 25% on $300 billion worth of Chinese goods. On Monday evening, China’s finance ministry said it would impose retaliatory tariffs of 20% to 25% — up from 10% — on $60 billion worth of U.S. goods, beginning on June 1.
The NRF notes that a study commissioned by a campaign called Tariffs Hurt the Heartland and prepared by Trade Partnership estimated that imposing tariffs of 25% on all remaining imports from China, combined with the impact of retaliation, would jeopardize more than 2 million American jobs, cost the average U.S. family of four $2,300 each year and reduce the value of U.S. GDP by 1%.